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ASSA ABLOY UNSP/ADR (ASAZY) is a global leader in access solutions, specializing in the development, manufacturing, and sale of door opening and trusted identity systems. With operations worldwide and a strong focus on innovative technologies, ASSA ABLOY has secured a leading market position. Recent acquisitions of EVOLIS S.A. and Messerschmitt Systems have further expanded its product portfolio, offering comprehensive solutions for a variety of industries. The company's commitment to sustainable growth, operational excellence, and customer satisfaction ensures its success in an ever-evolving market.
ASSA ABLOY reported a strong performance in Q3 2022, achieving net sales of SEK 31,820 M, a 33% increase from SEK 23,930 M in Q3 2021. Organic growth reached 14%, despite a 16% negative impact from exchange rates. Operating income (EBIT) rose by 47% to SEK 4,973 M, with an operating margin of 15.6%. Net income was SEK 3,552 M, up 48% year-over-year. Six acquisitions were signed, contributing to future growth. However, the U.S. Department of Justice plans to block its acquisition of Spectrum Brands' HHI division, which will be contested in court.
ASSA ABLOY has acquired Bird Home Automation GmbH, the German manufacturer of IP door intercoms, for single and multi-family buildings. The acquisition aims to enhance ASSA ABLOY's offering in the Smart Residential segment, supporting growth and innovation in home security. With 110 employees and sales of approximately MEUR 21 in 2021, DoorBird is expected to contribute positively to ASSA ABLOY's earnings per share (EPS) from the outset, reinforcing its strategic position in residential security.
ASSA ABLOY announced its intent to contest the U.S. Department of Justice's (DOJ) move to block its acquisition of the HHI division of Spectrum Brands (NYSE:SPB) for MUSD 4,300. The companies assert that the merger will bolster investment in residential segments and enhance their product offerings. ASSA ABLOY's CEO, Nico Delvaux, emphasizes the expected innovation and consumer benefits from the merger. The acquisition agreement has been extended to June 30, 2023, as both parties remain committed to overcoming regulatory challenges.
ASSA ABLOY has signed an agreement to acquire Control iD, a Brazilian developer of access control and time & attendance solutions. This strategic move enhances ASSA ABLOY's biometric offerings, particularly in facial recognition technology, reinforcing its market position in emerging markets. Control iD generated sales of approximately MBRL 130 (approx. MSEK 250) in 2021 with a strong EBIT margin. The acquisition is expected to be accretive to earnings per share from the outset and is set to close in Q4 2022, pending regulatory approval.
ASSA ABLOY has signed an agreement to acquire VHS Plastik Metal, a prominent Turkish manufacturer of window and door hardware systems. This strategic acquisition aims to enhance ASSA ABLOY's market leadership in emerging markets, particularly in Turkey. With approximately 440 employees, VHS generated sales of around MTRY 150 million in 2021. The acquisition is expected to be accretive to earnings per share from the start and is anticipated to close in Q4 2022, subject to customary closing conditions.
ASSA ABLOY has updated on its planned acquisition of the HHI division from Spectrum Brands, initially announced on September 8, 2021, for MUSD 4,300. The acquisition's closing, expected in 2022, may extend into 2023 due to ongoing regulatory reviews. Both companies are committed to the deal and optimistic about obtaining necessary governmental clearances. This acquisition is seen as a strategic move to expand ASSA ABLOY's market position in access solutions, which generated SEK 95 billion in sales.
On June 22, 2022, ASSA ABLOY announced the acquisition of Caldwell, a manufacturer of fenestration hardware for window manufacturers. This strategic move aims to enhance ASSA ABLOY's offerings and strengthen its position in the Pacific & North East Asia Division. Caldwell, founded in 1888 and employing around 800 staff, reported 2021 sales of approximately MSEK 1,000. The acquisition is expected to be accretive to earnings per share (EPS) immediately, reflecting ASSA ABLOY's commitment to expanding its product portfolio.
ASSA ABLOY will host its Capital Markets Day on November 16, 2022, in London. During the event, CEO Nico Delvaux and CFO Erik Pieder will present updates on the company's strategy and direction, along with other executive team members. The formal program is expected to conclude by approximately 4 PM. Registration details will be provided prior to the event.
At the Annual General Meeting of ASSA ABLOY AB on April 27, 2022, key resolutions were adopted, including the approval of income statements and discharge from liability for the Board of Directors and CEO. A dividend of SEK 4.20 per share was approved, payable in two installments. Board members were re-elected, and new guidelines for executive remuneration and share repurchase were established. The meeting also launched a long-term incentive program for senior executives. The total remuneration for the Board amounts to SEK 9,995,000.
ASSA ABLOY reported a strong start to 2022, with net sales increasing by 22% to SEK 26,591 M, driven by 14% organic growth. Operating income rose 26% to SEK 4,001 M, with an operating margin of 15.0%. Earnings per share increased by 27% to SEK 2.57. Despite operational challenges, the company signed three acquisitions with combined annual sales of SEK 250 M. Organic sales growth was particularly strong in the Americas, while Asia Pacific saw a decline. The company remains optimistic about long-term growth opportunities, particularly in mobile access solutions.
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